Saudi Arabia's Public Investment Fund—one of the world’s largest sovereign wealth funds—on Saturday announced plans for a tourism project dubbed “THE RIG”, which will take the form of a 150,000 square metre resort built on an oil rig platform in the Arabian Gulf.
The project will feature three hotels, 800 rooms, 11 restaurants, a roller coaster, a water slide, a ferris wheel, a go-cart arena and multiple helipads. Tourists will also be able to participate in extreme sports including scuba diving and bungee jumping at the location.
#PIF announces “THE RIG.” Project.
— Public Investment Fund (@PIF_en) October 16, 2021
The world’s first tourism destination inspired by offshore oil platforms.
Read more: https://t.co/s3TLJ8mbVh#THERIGsa pic.twitter.com/YlC2kZ2yll
The cost of the project has not yet been announced. The PIF has estimated assets of around $500 billion, and aims to have $1.07 trillion in assets under management by 2025, and $2 trillion by 2030.
The PIF said this would be the world’s first tourism destination on an offshore platform—though since 2010, the Seaventures Dive Resort has operated a hotel on a decommissioned oil rig in the Celebes Sea, Malaysia.
THE RIG is part of the PIF's strategy 2021-2025 to modernize Saudi Arabia’s tourism and entertainment sectors. Under the Vision 2030 programme, the kingdom aims to diversify its economy and reduce its reliance on oil revenue.
